Are you overwhelmed by the amount of negative news about the economy?

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Tuesday, 10 March 2009

We live in an age where information is broadcast to us through television, radio, the Internet and our handheld gadgets. We are continuously inundated with opinions, projections and viewpoints.

Prior to 9/11 I was a news-junky. I read the San Francisco Chronicle, San Jose Mercury News, CNN and BBC's websites multiple times day. I watched the 11:00 pm news every night. I worked in public relations at the time and we had television sets mounted throughout the office which were tuned to news stations so we could monitor what was going on around the world for our clients.

By September 13, 2001, after three days of seeing, hearing and reading horrific images and stories, I could not absorb any more. I shut down - literally. I got permission from our boss to turn off all the TVs in the office. I stopped watching the 11pm news and haven't watched it since that day. I no longer read four news sources each day. Instead, each morning I scan the headlines of the San Francisco Chronicle's website because it is my local news source.

There is one exception. I am on Google News throughout the day as I look for articles to link to the Budget Savvy World Report. However, I just scan headlines vs. reading every little bit of "news" that I would previously devour... and, you may have noticed, the only articles I link to are positive ones.

Why am I bringing all this up? Yesterday, when I got back to work after being away at Disneyland for four wonderful days, my mental defenses were down when I started scanning the San Francisco Chronicle. Every article was about job losses, the economic crisis or bad things happening to people. After being on such a high from our vacation, all the negativity in the news hit me hard and I struggled with depression and a sense of panic for most of the day. It wasn't until I went to Fearless Fitness and worked out while teaching class that I felt in control of my emotions again.

Today, my "news buffers" are back in place and I am able to control my emotions based on what I read. Yes, people are struggling in this economy and having to downsize or rethink their spending for the first time in their lives. However, I just keep reminding myself that my family and I have always spent less than we make and shovel money into savings and retirement accounts automatically every pay period. We abide by the Budget Savvy Philosophy and save money on the things that are not as important to us so we can afford to spend money on the things that are important to us, like going to Disneyland.

If you find yourself emotionally affected by the news about the economy, take action. Are you spending less than you make? If not, have a portion of your paycheck automatically placed into a savings account and don't touch it unless there is a true emergency. Even if you can only set aside a small amount each pay period, you are on the right track. Next, figure out what is important to you so you can focus your spending there and what isn't important to you so you can focus saving money there. Get and stay in control of your finances. Next, engage your "news buffer" and choose just one source to get your news. Don't inundate yourself. The current economic crisis will pass and by taking control of your finances now, you will be prosper even more in the future.

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